By Editor,Olivia Day
Copyright dailymail
NAB announces job cuts after ANZ slashed thousands of workers
NAB to cut 410 roles in Australia
Part of plans to expand into Asia
READ MORE: ANZ to cut thousands of jobs in Australia
By OLIVIA DAY, ASSISTANT NEWS EDITOR, AUSTRALIA and AAP
Published: 01:31 BST, 10 September 2025 | Updated: 02:27 BST, 10 September 2025
NAB has become the second of Australia’s Big Four banks to announce job cuts this week, with 410 roles on the chopping block.
The news comes after ANZ announced plans to lay off 3,500 staff over the next 12 months as part of a major restructure under its new CEO.
NAB on Wednesday said the cuts would impact 728 workers, which included 410 permanent cuts from its technology and enterprise operations division.
The bank plans to move these roles offshore as it expands into Asia, with 127 roles to be made available in India and Vietnam.
A NAB spokesperson said having a global workforce would lead to better outcomes for customers through extended operating hours, speeding up processes and improving turnaround times.
‘We regularly look at the way we work and how we’re structured to deliver the best experience we can for our customers,’ the spokesperson said.
‘The environment we operate in is constantly changing and we need to have the right structures alongside the right skills and capabilities in the right locations to help us deliver for our customers.’
Staff were told on Tuesday and offered support including through career transition services and redeployment options.
NAB has become the second of Australia’s Big Four banks to announce job cuts this week, with 410 roles on the chopping block (stock image)
The news comes after ANZ announced plans to lay off 3,500 staff over the next 12 months
Other new roles will created in Australia but no details have been given.
It comes after ANZ said it would slash 3,500 jobs and 1,000 contractors in a bid to simplify processes at the Big Four bank.
‘We are operating in a rapidly evolving and highly competitive banking environment,’ new chief executive Nuno Matos said.
‘Our changes also include ending or reviewing our engagements with consultants and other third parties, impacting around 1,000 managed services contractors.
‘While reorganising our teams will change the way we structure the bank and deliver our priorities, what won’t change is the dedication of our customer facing bankers who support our customers day in, day out.’
Finance Sector Union national president Wendy Streets accused NAB of betraying hundreds of workers and their families.
‘Cuts this deep don’t just hurt staff, they hollow out services for customers and communities who rely on NAB,’ she said.
‘Two banks in two days slashing jobs, it’s shameful.
New ANZ chief executive Nuno Matos said the news would be ‘difficult’ for some staff
BREAKING NEWS
ANZ Bank to cut THOUSANDS of jobs in Australia
The restructure of ANZ’s 42,000-strong workforce comes amid sweeping changes under the new CEO, with internal staff referring to the overhaul as ‘Nuno-geddon.’
In the latest job cuts, which represent eight per cent of its workforce, ANZ expects the employees to finish with the company by September 2026.
‘We know this will be difficult news for some of our staff,’ Mr Matos said.
‘While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, with both care and respect for our teams affected.’
ANZ said the restructure would cost $560million before tax.
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NAB announces job cuts after ANZ slashed thousands of workers
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